Bank of America Raises Northern Trust (NASDAQ:NTRS) Price Target to $115.00

Northern Trust (NASDAQ:NTRS) had its target price lifted by Bank of America from $103.00 to $115.00 in a report released on Thursday morning, Benzinga reports. Bank of America currently has a buy rating on the asset manager’s stock.

Several other equities analysts have also recently commented on NTRS. UBS Group boosted their price target on shares of Northern Trust from $86.00 to $92.00 and gave the company a “neutral” rating in a report on Tuesday, October 8th. Keefe, Bruyette & Woods cut their price target on Northern Trust from $92.00 to $85.00 and set a “market perform” rating for the company in a research note on Thursday, June 27th. Royal Bank of Canada increased their price objective on Northern Trust from $100.00 to $107.00 and gave the stock an “outperform” rating in a report on Thursday. Wells Fargo & Company lifted their target price on shares of Northern Trust from $92.00 to $108.00 and gave the company an “equal weight” rating in a research note on Thursday. Finally, Morgan Stanley raised their price target on shares of Northern Trust from $97.00 to $103.00 and gave the company an “underweight” rating in a report on Thursday. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, Northern Trust presently has a consensus rating of “Hold” and a consensus price target of $99.33.

Northern Trust Stock Down 0.4 %

Shares of NASDAQ NTRS traded down $0.45 during mid-day trading on Thursday, reaching $102.34. The company had a trading volume of 51,234 shares, compared to its average volume of 1,305,197. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.71 and a current ratio of 0.71. The company has a market capitalization of $20.64 billion, a price-to-earnings ratio of 14.06, a PEG ratio of 1.65 and a beta of 1.08. The stock has a fifty day moving average of $90.51 and a two-hundred day moving average of $86.53. Northern Trust has a 12-month low of $63.43 and a 12-month high of $104.25.

Northern Trust Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 1st. Stockholders of record on Friday, December 6th will be given a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 2.93%. The ex-dividend date of this dividend is Friday, December 6th. Northern Trust’s dividend payout ratio is currently 41.04%.

Insider Transactions at Northern Trust

In related news, EVP Mark C. Gossett sold 6,000 shares of the stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $88.90, for a total transaction of $533,400.00. Following the completion of the sale, the executive vice president now owns 28,707 shares in the company, valued at $2,552,052.30. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Northern Trust news, EVP Mark C. Gossett sold 6,000 shares of the stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $88.90, for a total value of $533,400.00. Following the completion of the sale, the executive vice president now directly owns 28,707 shares of the company’s stock, valued at $2,552,052.30. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Charles A. Tribbett sold 1,855 shares of the business’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $88.12, for a total transaction of $163,462.60. Following the transaction, the director now owns 1,000 shares in the company, valued at approximately $88,120. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 13,738 shares of company stock worth $1,191,388. Company insiders own 0.64% of the company’s stock.

Hedge Funds Weigh In On Northern Trust

Several large investors have recently added to or reduced their stakes in NTRS. abrdn plc increased its position in shares of Northern Trust by 5.7% during the third quarter. abrdn plc now owns 504,483 shares of the asset manager’s stock valued at $45,272,000 after purchasing an additional 27,246 shares during the period. Pallas Capital Advisors LLC lifted its position in Northern Trust by 21.0% in the third quarter. Pallas Capital Advisors LLC now owns 5,984 shares of the asset manager’s stock worth $539,000 after purchasing an additional 1,037 shares during the period. DekaBank Deutsche Girozentrale boosted its stake in Northern Trust by 0.4% during the third quarter. DekaBank Deutsche Girozentrale now owns 43,871 shares of the asset manager’s stock worth $3,941,000 after buying an additional 158 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in Northern Trust by 8.4% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 15,807 shares of the asset manager’s stock valued at $1,423,000 after buying an additional 1,219 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Northern Trust by 28.2% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 17,687 shares of the asset manager’s stock valued at $1,593,000 after buying an additional 3,894 shares in the last quarter. Institutional investors and hedge funds own 83.19% of the company’s stock.

About Northern Trust

Northern Trust Corporation, a financial holding company, provides wealth management, asset servicing, asset management, and banking solutions for corporations, institutions, families, and individuals worldwide. It operates in two segments, Asset Servicing and Wealth Management. The Asset Servicing segment offers asset servicing and related services, including custody, fund administration, investment operations outsourcing, investment management, investment risk and analytical services, employee benefit services, securities lending, foreign exchange, treasury management, brokerage services, transition management services, banking, and cash management services.